India and Oman explore B2B links.
India, with an estimated GDP CAGR of over 14.46% by the year 2017, is easily one of the fastest growing economies in the world. Attempting to further its growth, India needs to focus on effectively expanding and managing its supply chain, but also exploring global investment opportunities.
Oman’s Public Authority for Investment Promotion and Export Development (PAIPED) aims to introduce Omani companies to potential Indian investors via a series of B2B meetings. The objective of these meetings will be to encourage interested parties to explore lucrative investment opportunities within the Sultanate owing to its competitive location for Indian businesses and as a gateway to Middle East markets.
Further, Oman offers unique benefits that favour Indian investors. These include financial and investment incentives, a talented labour force, modern industrial infrastructure and the Double Taxation and Investment Protection treaty between Oman and India.
PAIPED is planning to boost investments in automotive, plastics, pharmaceuticals and education. Healthcare is another important sector exhibiting potential for growth with an annual growth rate of 11 percent to USD 43.9 billion by 2015, which is nearly double the 2010 value. The development of medical insurance plans, coupled with the introduction of generic medications in the GCC will add extra competition and open up the healthcare market to a wider range of people previously seeking medical care overseas. Further the Sultanate is looking to develop three medical city projects with specialized facilities across the country.
According to the Five year Investment Promotion Strategy developed by PAIPED in 2009, Oman identified the priority sectors and target markets to attract investors to Oman. These sectors will support the Sultanate’s projected development through the current five year plan 2011-2015.
Faris Al Farsi; “We are exploring industrial sectors that show significant growth potential. The Sultanate’s free zones and industrial estates offer a unique proposition for investors looking to relocate to the Gulf. We are particularly excited about the forecasted growth in the region’s healthcare, education and automobile industries. Indeed, these are sectors where Oman has a distinct competitive edge. The GCC common market continues to grow and experience higher purchasing power. In this regard, the region’s automobile industry already has a high ratio of cars per household which in turn requires replacement parts, service skills and new vehicles at every level of the market. This is a sector we are keen to serve. Oman has also become a leader in the plastics industry, driving innovation in PET and food packaging and providing plastic to the Gulf’s growing construction sector.” — Faris Al Farsi, PAIPED Director General for Investment Promotion